Credit unions

TALLAHASSEE, Fla. – Southeast Corporate FCU reported its audited financials for 2008 this week, based on last month’s report from U.S. Central FCU, showing a $111.7 million loss for last year, most of it due to the charge-off of its U.S. Central capital.

ALEXANDRIA, Va. – NCUA, which is managing the two biggest corporate failures ever, is continuing to try to work down billions of dollars of toxic mortgage bonds held by U.S. Central FCU and WesCorp FCU, lest it be forced to realize the diminished value of the bonds in a fire sale.

LAS VEGAS – The president and CEO of WesCorp said credit unions will have the opportunity for a “fresh start” with their corporate network when NCUA releases its proposed rules for corporates today – and he asked CUs to stick with the conserved corporate.

ARLINGTON, Va. – Despite the turmoil of the past 12 months, corporate credit unions continue to be the major source of additional liquidity for credit unions, according to a new survey.

WALLINGFORD, Conn. — Constitution Corporate FCU is now essentially insolvent as it posted $2.44 million undivided earnings deficit in its recently released Sept. financial report. The corporate's reserves, paid in capital and member capital shares are now fully depleted.

ALEXANDRIA, Va. – The NCUA Board is expected to issue for public comment next week new rules covering capital requirements, risk, investments and governance of corporate credit unions.

ALEXANDRIA, Va. – NCUA said last week corporate credit unions may not pay lower dividend rates on member capital accounts owned by members that gave their three-year notice for withdrawal.

WALLINGFORD, Conn. – Constitution Corporate FCU said yesterday more losses in September erased all of its remaining member capital, requiring NCUA to provide it with special assistance.

RUTLAND, Vt. — Credit Union of Vermont scored a victory last week when NCUA ruled that Tricorp FCU was wrong to pay lower dividend rates on member capital accounts that gave their three-year notices that they intend to withdraw their funds.

TALLAHASSEE, Fla. — Southeast Corporate FCU, after digesting last week's third quarter report from U.S. Central FCU, told its 430 members it will deplete all of their paid-in-capital, a total of $20.2 million, and 0.5% of membership capital shares, or $4.5 million.

TALLAHASSEE, Fla. – Southeast Corporate FCU, after digesting last week’s third quarter report from U.S. Central FCU, told its 430 members it will deplete all of their paid-in-capital, a total of $20.2 million, and 0.5% of membership capital shares, or $4.5 million.

ALEXANDRIA, Va. – Corporate credit union representatives will meet with NCUA tomorrow in hopes of convincing the regulator to allow them to recapture as capital projected losses being accounted for now that do not materialize.

Credit Union Journal examines the varying viewpoints on what should be done to fix the corporates and lays out the framework NCUA has established.

ALEXANDRIA, Va. — Capital levels and institutional transparency will be two of the biggest pillars in the new regulations from NCUA governing the corporate credit union system.

ALEXANDRIA, Va. — With two corporates in conservatorship and others posting red numbers from investments in mortgage-backed securities, it should come as no surprise that among NCUA's chief priorities in crafting its new corporate regulations is reducing investment risk.

ALEXANDRIA, Va. — As NCUA prepares to release new regulations governing corporate credit unions later this month, the cooperative movement as a whole found broad consensus on investment and capital requirements while still somewhat divided on the system's structure.

PLANO, Texas — Southwest Corporate FCU has released a new white paper examining the impact of Check 21 on the financial industry in the five years since its adoption.

ALEXANDRIA, Va. — NCUA is saying it will not dictate the size of the corporate system when it releases its new rule, and will instead focus on capital requirements, investment risk and transparency.

SAN DIMAS, Calif. – WesCorp FCU, the troubled corporate credit union giant taken over by NCUA earlier this year, reported another $349.2 million in losses on Friday for the month of September.

LENEXA, Kan. – U.S. Central FCU on Friday reported additional losses of $308.5 million for the third quarter, wiping out another$320.1 million in member capital, which will trickle down to natural person credit unions in the coming weeks and months.